HO-1: This is the most basic homeowner’s policy available. HO-1 policies only covers perils that are specifically named. Some mortgage companies do not consider these policies enough coverage for a home and require additional endorsements.

The perils covered are:

  1. Fire and Lightning
  2. Windstorm and Hail
  3. Explosions
  4. Riots
  5. Aircrafts
  6. Vehicles(unless caused by the insured)
  7. Smoke
  8. Vandalism
  9. Theft
  10. Volcanic Eruption

HO-2: HO-2 policies covers the property’s structure and the contents inside it. It insures the ten perils covered in HO-1 policies and these additional six:

  1. Falling Objects
  2. Weight of Ice, Snow, or Sleet
  3. Accidental Discharge or Overflow of Water or Stream
  4. Sudden & Accidental Tearing Apart, Cracking, Burning, or Bulging
  5. Freezing
  6. Sudden & Accidental Damage from Artificially Generated Electrical Current

HO-3: The HO-3 is the most common homeowner’s insurance policy because it protects against all perils except those specifically excluded.

HO-4: The HO-4 policies are renter’s insurance policies. A basic renter’s insurance policy insures the content inside a property and not the actual property itself. HO-4 policies only cover specific perils that are named within them.

HO-5: In HO-5 policies, all risks are on an open perils basis. Unless it is specifically excluded on the policy, your belongings are protected.

HO-6:  HO-6 policies are insurance policies for condominiums and co-ops. These policies are often called walls-in coverage because they only protect the individual unit.

HO-7: This policy provides HO-3 coverage for mobile homes.

HO-8: These policies are intended for homes whose repair costs exceed their market values. These policies are named peril policies and generally exclude a replacement cost option.